a day ago
Seoul shares up for 2nd day on tech gains despite tariff concerns
Seoul shares closed higher Tuesday, tracking overnight gains on Wall Street and boosted by technology stocks in the face of US President Donald Trump's latest tariff threats. The Korean won rose slightly against the US dollar.
The benchmark Korea Composite Stock Price Index added 13.25 points, or 0.41 percent, to finish at 3,215.28.
Trade volume was moderate at 415.06 million shares worth 11.94 trillion won ($8.6 billion). Decliners outnumbered gainers 510 to 364.
Foreigners bought a net 212.29 billion won worth of shares, while institutions and individuals sold 20.8 billion won and 311.19 won stocks, respectively.
Trump has notified key US trading partners of new tariff rates set to take effect Aug. 1 unless they offer improved terms in ongoing trade negotiations.
"Trump has already sent a letter to South Korea notifying plans to impose 25 percent tariffs on South Korean products starting Aug. 1. The market had already priced in the news, causing no major jitters," Lee Kyoung-min, an analyst at Daishin Securities Co., said.
Large-cap stocks were mixed.
Market bellwether Samsung Electronics rose 1.92 percent to 63,700 won, and defense industry firm Hanwha Aerospace jumped 5.08 percent to 848,000 won.
Leading shipbuilder HD Hyundai climbed 0.51 percent to 139,000 won, and leading shipping firm HMM gained 1.76 percent to 25,950 won.
Among decliners, top carmaker Hyundai Motor fell 2.76 percent to 211,000 won, and leading steelmaker POSCO Holdings declined 0.16 percent to 321,000 won.
The local currency was quoted at 1,380.20 won against the greenback at 3:30 p.m., up 1 won from the previous session. (Yonhap)
